Standard Cost : The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred. To identify: Purpose of using standard cost.

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

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use the high-low method to calculate Smithson's fixed costs per month.

Answer 2

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Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Answer 6

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Answer 7

Chapter 21, Problem 8DQ

To determine

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Answer 8

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Answer 11

Ch. 21 - Prob. 1QS Ch. 21 - Prob. 2QS Ch. 21 - Prob. 5QS Ch. 21 - Prob. 9QS Ch. 21 - Prob. 14QS Ch. 21 - Prob. 15QS Ch. 21 - Prob. 16QS Ch. 21 - Prob. 17QS Ch. 21 - Prob. 4PSA Ch. 21 - Prob. 5PSA

Standard Cost : The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred. To identify: Purpose of using standard cost.

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Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.

Want to see the full answer?

Chapter 21 Solutions

Standard Cost : The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred. To identify: Purpose of using standard cost.

Concept explainers

Videos

Standard Cost: The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred. To identify: Purpose of using standard cost.

Want to see the full answer?

Chapter 21 Solutions

Standard Cost:

The cost which is estimated by the management, this cost includes the cost of process and resources used at the time of manufacturing. This cost is ultimately compared with the actual cost incurred.

To identify: Purpose of using standard cost.